Is the G20 still a force for peace and diplomacy, or just a stage for political performance? Ed Balls and George Osborne kick off this week’s EMQs with a question about nuclear non-proliferation and whether South Africa should push it up the agenda this year. The pair then turns to a question from regular listener Douglas Alexander, Minister of State for Trade Policy and Economic Security. Fresh off publishing the new trade strategy, he asks for George and Ed’s take on what it gets right and whe...
Jun 30, 2025•44 min•Season 1Ep. 188
Daddy’s back in the (White) House! Ed Balls and George Osborne go over the major event of the week - starting with the NATO meeting in The Hague. Allies have agreed to up defence spending to 5 percent, but that’s not what’s grabbing the headlines. More attention has been on new Secretary General Mark Rutte referring to Donald Trump as “Daddy.” The pair consider what’s really at play here, and what Trump’s return to the world stage could mean for the UK. Back home, the government is refusing to s...
Jun 26, 2025•1 hr 5 min•Season 1Ep. 187
What happens when politics clashes with family life? Ed Balls and George Osborne take on big questions this week, starting with Michael Gove’s ex-wife, Sarah Vine, who asks whether David Cameron should have stayed on after Brexit. Her daughter Beatrice wants to know if Ed and George would still choose a political career, given its toll on family and friends. The pair also hear from an anonymous listener fighting for answers about the Mull of Kintyre Chinook crash, and discuss why the documents h...
Jun 23, 2025•50 min•Season 1Ep. 186
Donald Trump is keeping everyone guessing on Iran. After Israel’s surprise strike and Tehran’s retaliation, George Osborne brings fresh insight from Washington on how far Trump might really go - and what it means for Britain if he does. Ed Balls asks whether Starmer’s government could say no if the US wants to use British bases for strikes, and the pair unpack the real choices facing UK leaders caught between an unpredictable White House and deepening conflict in the Middle East. Back home, Keir...
Jun 19, 2025•1 hr 2 min•Season 1Ep. 185
Could a weekly grilling like Prime Minister’s Questions fix US politics? In the wake of Original Sin - Jake Tapper and Alex Thompson’s damning account of Joe Biden’s final days in office - Ed Balls and George Osborne ask whether a PMQs-style showdown could bring more accountability to American democracy. And are there any American political customs they’d import to the UK in return? The pair then flick open their ministerial boxes: what’s it like to carry one, what can one find inside and why ha...
Jun 16, 2025•45 min•Season 1Ep. 184
Rachel Reeves has finally delivered her much-anticipated Spending Review, but has it done anything to shift Labour’s story? George Osborne calls it “continuity Sunak,” arguing that the big spending pledges are less a break from the past and more a continuation of Boris Johnson and Rishi Sunak’s economic path. Ed Balls says Reeves is taking ‘a real gamble’ without ‘any insurance’, boxing herself in with big promises, uncertain growth, and no room to manoeuvre. With defence and the NHS coming out ...
Jun 12, 2025•1 hr•Season 1Ep. 183
Two Members of Parliament (and a former too!) are seeking Ed Balls’ and George Osborne’s counsel this week. The pair consider the impact of AI, courtesy of a question from Alan Mak, the MP for Havant and the Shadow Secretary of State for Science, Innovation and Technology - who has rung in to ask how emerging technologies can help governments run better. Meanwhile, Jake Richards, a newly elected Labour member, wants their views on immigration policy. And Ed and George are live, unscripted, and f...
Jun 09, 2025•48 min•Season 1Ep. 182
With just days to go before Rachel Reeves delivers her first Spending Review, Labour is facing an uncomfortable squeeze. NATO wants defence spending ramped up to 3.5% of GDP, but Reeves is sticking to her strict fiscal rules. Can Starmer keep both Washington and voters at home on side - or will the sums simply stop adding up? Meanwhile, Donald Trump is reigniting the trade war - with a 25% steel tariff sending markets wobbling. The UK may have a temporary exemption, but there are warning signs e...
Jun 05, 2025•59 min•Season 1Ep. 181
When things go wrong - very badly wrong, as with the case of the infected blood and the sub-postmasters scandals - why can’t the state act quickly to compensate victims? Ed Balls and George Osborne consider how the government should best respond, and balance the interests of innocent people as well as taxpayers. Harvard is the latest American university to feel the full force of Donald Trump’s ire, with the US president trying to stop the storied institution from bringing on international studen...
Jun 02, 2025•30 min•Season 1Ep. 180
If Labour was hoping for one of those quick and easy policy U-turns, they certainly haven’t got it. With Rachel Reeves’ spending review a scant two weeks away, the government is still having trouble explaining the details - or providing any detail, really - on how winter fuel payments are now going to work. Now that cutting the two-child benefit cap is in the mix, who is going to explain what is playing out to the general public, and when? Ed Balls thinks it’s all pretty messy, while George Osbo...
May 29, 2025•1 hr 4 min•Season 1Ep. 179
Can a quick political win keep the public on side while the hard work happens behind the scenes? This week on Ex-Ministers’ Questions , Ed Balls and George Osborne debate whether Labour's lack of early symbolic moves has cost them public goodwill - and whether a bit of political theatre can actually make or break a government. They also tackle questions from across the UK and the US: how can Kemi Badenoch rebuild morale in a bruised Conservative Party? What’s the right way to pitch bold economic...
May 26, 2025•48 min•Season 1Ep. 178
Did someone say U-turn? Ed Balls and George Osborne have been saying it for a while, actually, when it comes to the matter of the controversial winter fuel tax cut. Now that the government has walked it back, will it do the trick and soothe voters and ease tensions with Labour MPs? Ed thinks the approach is “politically and technically messy”. George, for his part, thinks it’s nothing short of a damaging “fiasco” for Labour. Meanwhile, David Lammy announced this week the suspension of trade talk...
May 22, 2025•59 min•Season 1Ep. 177
California Governor hopeful Steve Hilton has a question for Ed Balls and George Osborne this week: which American state would they choose to live in, and would they rather be a senator or a governor? A trip down fantasy lane has the pair questioning the best path to political glory, based on previous presidents’ CVs. Ed Balls for 2032? Seems… far fetched. Back in the real world, the pair debate whether cutting Employer National Insurance Contributions could help get people back into work - and w...
May 19, 2025•39 min•Season 1Ep. 176
Keir Starmer’s controversial reference to an “Island of strangers” as part of his immigration overhaul has sparked a furore, and inspired a comparison to his previous stance on migration. Ed Balls thinks while there’s no doubt it will cause some consternation, it will be a price worth paying. George Osborne, meanwhile, is getting Tory vibes … it all sounds a bit like it could’ve come from a Conservative government to him. Meanwhile, President Donald Trump is on a glitzy tour of the Middle East, ...
May 15, 2025•1 hr 5 min•Season 1Ep. 175
This week on Ex Ministers’ Questions Ed Balls and George Osborne hear from listeners from the high seas, the Dubai sun, and the halls of Parliament - including a Gold subscriber who circumnavigated the globe listening to the podcast under the stars. The pair consider, has the press been too negative on the government’s brand new free trade deal with India? And while they’re talking about global alliances, they share their thoughts on CANZUK, a proposed alliance between Canada, Australia, New Zea...
May 12, 2025•30 min•Season 1Ep. 174
It’s been an impressive week for the Labour government, with trade deals with both India and the US. Ed Balls and George Osborne consider: what does this say about the Starmer government’s ‘softly-softly’ approach to the wildly unpredictable Trump administration? Being the first in the world to ink a deal with the Americans is nothing to be sniffed at, even if it is a little light on the details – but they both agree the big prize will be a deal with the European Union.... What role will free la...
May 08, 2025•1 hr 2 min•Season 1Ep. 173
Ed Balls and George Osborne, fresh from a break for the Inside the Room Series: The Election that Never Was, jump straight back in with a slew of questions. With George’s old mate and former David Cameron adviser Steve Hilton jumping into the Governor’s race in California they counsel a stateside Republican voter (and Kitchen Cabinet member) on whether they think he’s a good choice. They also mull data sources for parliamentarians. Are there rules on what’s fair game when crunching the numbers? ...
May 05, 2025•36 min•Season 1Ep. 172
Local elections are taking place across England today - and they’re a major political test for Keir Starmer, Kemi Badenoch, and Nigel Farage. Ed Balls and George Osborne break down what’s at stake in these key contests, from mayoral races to a critical by-election. Meanwhile, across the pond, Donald Trump has just hit 100 days in office. With stock markets reeling, 142 executive orders signed, and a trade war brewing, Ed and George ask how Keir Starmer should handle the ‘special relationship’ wi...
May 01, 2025•1 hr 5 min•Season 1Ep. 171
To Snap or Not to Snap?... As we turn to October 2007, election fever has taken over the UK - everyone from journalists to the opposition to Ed Balls himself is expecting Gordon Brown to call a snap general election. But with the polls lurching back towards the Tories, Brown gets cold feet. In the final episode of this series, Deborah Mattinson rejoins the series to recall those final war room discussions with Gordon Brown himself and his closest advisors, discussions that end up with the electi...
Apr 28, 2025•52 min•Season 1Ep. 169
Election Speculation... Labour had a substantial lead in the polls in 2007, fuelling talk of a snap general election to cement Gordon Brown’s place in Number 10. And things only got better as the party arrived in Bournemouth for their party conference. By the end of it, election fever was well and truly in the air. To listen to episode 3 straight away, sign up to Political Currency Gold or our Kitchen Cabinet. Head to Apple Podcasts or www.patreon.com/PoliticalCurrency to find out more. Subscrib...
Apr 24, 2025•44 min•Season 1Ep. 168
Gordon Brown Takes the Crown... Ed Balls and George Osborne relive the sliding doors moment that could have changed the course of British history - the 2007 election that never was. To listen to episodes 2 and 3 straight away, sign up to Political Currency Gold or our Kitchen Cabinet. Head to Apple Podcasts or www.patreon.com/PoliticalCurrency to find out more. Subscribers will also get exclusive access to 'The Inquiry' - our bonus episode where Ed and George give their reflections on the series...
Apr 21, 2025•49 min•Season 1Ep. 167
In this Easter special, Ed Balls and George Osborne meet a truly mythical creature: someone who wants to pay more tax, not less. And according to George, there’s actually a way to do it. They also discuss a big political what-if: what happens if a Prime Minister loses their seat? They've talked before about how someone can become PM without being an MP - think Mark Carney in Canada - but this week they flip the question: could one keep the top job if your constituents vote you out? Also in the m...
Apr 17, 2025•37 min•Season 1Ep. 166
As the US-China trade war heats up, Ed Balls and George Osborne ask: what if the Trump White House took the nuclear option… defaulting on its debts to China? Ed explains why that could be a catastrophic thing to do, while George points to the ‘Mar-a-Lago Accord’ as a way that the US in reality may negotiate its debt. Sticking with Trump, Ed and George also ponder ‘patrimonalism’ – a term coined by Max Weber to describe governance by personal loyalty and kinship… Is Donald Trump the first patrimo...
Apr 14, 2025•34 min•Season 1Ep. 165
It’s been a rollercoaster few days for the world economy thanks to Donald Trump’s ‘Liberation Day’ tariffs announcement - and his dramatic U-turn a scant week later. With a 90-day pause for every country hit - aside from China - Ed Balls and George Osborne consider the significance of a hugely disappointing auction of US treasuries, and how it led to Trump’s Treasury Secretary warning him of a looming economic crisis. They ask: are we watching in real time the US tearing at the foundations of th...
Apr 10, 2025•58 min•Season 1Ep. 164
This week, Ed Balls and George Osborne mull museums and memes via bank holidays and pennies. With listeners telling us their locations of choice, funeral director Ross ranks highly with his admission that Ed and George are sometimes listened to in a hearse on the drive home. The pair consider: what are the merits of regulating the funeral industry? Should our cultural institutions be charging more for access? George calls upon his expertise as Chair of the British Museum to weigh it up. Meanwhil...
Apr 07, 2025•37 min•Season 1Ep. 163
In the wake of Donald Trump’s ‘Liberation Day’, Ed Balls and George Osborne break down the economic thinking – or lack thereof – behind President’s tariffs. Rather than the numbers emerging from complicated analysis, Ed explains how they are merely reached through a simple formula. Will the Federal Reserve be able to cut interest rates as quickly as Trump would like in the wake of his tariffs? Back home, Keir Starmer is calling for calm and resisting a push to reciprocate, as he seeks to strike ...
Apr 03, 2025•1 hr 3 min•Season 1Ep. 162
A whole host of Treasury buffs have sent in their questions this week in wake of the Spring Statement, for Ed Balls and George Osborne to answer. Former Chancellor Jeremy Hunt asks whether in the light of Labour’s announcing civil service reductions and welfare reform, the government is “ stealing our clothes ”? Lord Macpherson, Permanent Secretary to no less than three Chancellors, praises Rachel Reeves’ “courageous” claim of non-negotiability on her fiscal rules (which George translates as a e...
Mar 31, 2025•37 min•Season 1Ep. 161
Has Chancellor Rachel Reeves got it right? Ed Balls and George Osborne provide their immediate reaction to her Spring Statement, questioning whether she’s missed her big opportunity for a relaunch. George likens her approach to ‘staying at the Roulette table’, having failed to land on black the first time around… He also compares her inflexibility to fiscal rules to his own approach while Chancellor, before the pair turn their attention to the government’s own impact assessment on welfare reform...
Mar 27, 2025•1 hr 5 min•Season 1Ep. 160
With talk of raiding pensions, George Osborne and Ed Balls consider how to increase the incentives for working people to save. As former Treasury insiders, the pair reflect on specific parts of their own previous pension reforms and ask: what approaches would they take if they were still setting policy today? They’re also pressed on recent arguments made by Boris Johnson and Rishi Sunak that Russian assets held in European banks should be directly channelled towards the Ukrainian war effort. Is ...
Mar 24, 2025•35 min•Season 1Ep. 159
They may have both been leading Brexiteers but Dominic Cummings and Nigel Farage were once fierce rivals, vying to be the top campaign of the referendum. As recently as last year Cummings accused Farage of ‘surrounding himself with useless characters’ – so why are we now hearing of a secret meeting between the two before Christmas? Ed Balls and George Osborne pick apart the significance of this rendezvous at a time when Reform are contending with a senior bust up, as well as an imminent by-elect...
Mar 20, 2025•57 min•Season 1Ep. 158
